Consumer Lending

Grow your lending portfolio and be there for your customers when they need financial flexibility.

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Deliver financial flexibility when customers need it most

Move beyond broadcast messages and provide personal loan offers during key life moments. Deliver personalized experiences, like pre-approval offers, and rate information that drives conversion and shows customers you’re there for them.

Cross-sell to credit card revolver customers.

Debt consolidation is cited as the number one reason an individual considers taking a personal loan. Home renovation projects are ranked as the second reason.

Pre-approval offers for high-value customers.

Customers who apply for a personal loan entirely online have the highest customer satisfaction score compared to non-digital segments.

Complimentary, moment-driven nudges to drive line of credit utilization.

Line of Credit super-prime borrowers only use 5.6% of available credit on average, while prime borrowers only use 27.5%.

Resources For You

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The Five Biggest Myths about Personalization in Banking

As the financial industry is shifting towards a customer-centric focus, many banks and credit unions have outlined strategic priorities to transform customer experiences with innovative products and services. To much surprise, a research study conducted by PYMTS and PSCU reveals that there is a large disconnect between what members are looking for and what credit unions (CUs) are prioritizing, in terms of areas of innovation. In particular, loyalty offers are ranked as number one by members, yet it is only ranked 7th on CU’s priority list. This disconnect presents a threat for CUs as digital banks or other fintech competitors can easily fill this loyalty experience gap.

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Where Are You On the Personalization Spectrum?

The era of one-size-fits-all digital experiences is over. Customers expect brands to tailor experiences to their unique preferences, needs, and situation — and banks and credit unions must rise to the challenge. Many banks and credit unions pride themselves on giving financial services a “human touch,” thanks to friendly and helpful branch employees. Digital personalization replicates that human touch at scale, wherever customers do their online and mobile banking.

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How to Reboot the Economy After COVID-19

Banks and credit unions have quickly become a source of much-needed stability amid an economic storm. As unemployment skyrockets and retirement savings dwindle due to the COVID-19 pandemic, financial institutions increasingly serve as gateways of trust to small business loans, stimulus checks, and other government aid. Many are also helping customers directly by deferring mortgage payments or waiving fees on accounts.

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